I will stop posting as I am no longer objective even though still very curious to see how this plays out and whether i should reinvest. Like most investors I was hoping for a BFS better or the same as the PFS. I was hoping for a definitive BFS that could lead to a construction decision and would force Teck, through the threat of other bidders, to back-in or buy us out. Instead we got a delayed BFS just over the required 8% that requires a lot of arm waving and weakly supported arguments to justify its valuation. I don't buy the conservative argument since management has little control over cost estimates done by independent consultants and while Teck imposed certain requirements none seem out of line with a standard FS. Besides $3.25/lb Cu (versus Galore's $2.60) doesn't strike me as conservative.
If you read my previous posts you can see I tried to do the math like any sell side analyst would and the numbers don't add up at this point even if you include the inferred. I still think there is a lot of upside but it will take time that I don't feel many investors here have. This PP was the final straw and demonstrates weak corporate governance and lack of strategy. Anyways I will stop my rant and good luck I guess.
